Newsletter
February 2025
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The Medical Professional Liability Association (MPLA) held its 2025 Board Governance Roundtable and CEO/COO Meeting in Scottsdale AZ on February 3-5, 2025.
👍🏼 Congratulations to Eric Anderson, Michael Stinson, Ginny McGuinness, Bill Burns, Kwon Miller, Leah Deitrick, Jenna Hummell (Hinrichs), Becky Ta and all the fantastic team members at MPLA whom our team at Optimalex is delighted to work with. They produced an excellent event for board members, CEOs and COOs at MPL Association member organizations.
Here are some meaningful insights that Optimalex and its CEO Frank Giaoui gleaned on the role of AI in workflow automation, data structuring, and predictive analytics.
💰 The MPL industry is slowly consolidating with the top 10 players accounting for just a little less than 60% of the market share in 2023 compared to 49% in 2014. This is low compared to other segments of liability insurance and such a trend is not likely to change anytime soon. Absent significant economies of scale through organic growth or acquisitions, carriers are exploring other sources of operational efficiency.
🤔 AI and data are viewed as major enablers to empower stakeholders, streamline workflows and deliver a better service. 25% efficiency gains on mundane tasks will free as much time for the management to focus on real value added tasks. The CEO and their C-suite should address such key questions as: How should our AI strategy meet the various stakeholders’ expectations? What particular technology should we invest in? How can we measure the performance before and after deployment? What new liability does that imply for our company?
🧠 At the moment, most products add GenAI features. Next, will be to design products embedding Gen AI from the ground up. Then we’ll move towards “AI Gentic”, AI powered bot agents anticipating your next action and actually performing it for you. It starts now!
💡 It starts now but it’s often a stretch on limited resources, namely data and training capacity. Corporate users are now asking to keep their data on premises or in their cloud while having access to the AI. One good way to keep your data is to create your own environment on GenAI with your own content, a private data set and the generation of your private results.
🤔 If we did not catch up in person during the conference, let’s do it online: How do you use AI to structure (internal and external) data in your workflows and your predictive analytics today? How are you planning to use AI and data in the next couple of years?
🎤 Congrats to all excellent speakers:
- Eric Anderson (Medical Professional Liability Association)
- David Fuge, Marcia Jerding, Kim Mobley (Johnson Lambert LLP)
- Brian Casey (Troutman Pepper Locke LLP)
- Tony Caldwell, Jennifer Yee (Snell & Wilmer)
- Julie Czarnik (The Jacobson Group)
- Charlene MacDonald (Federation of American Hospitals)
- Rachel Gandell Tetlow (American College of Obstetricians and Gynecologists)
- John Michael Villarama (American Osteopathic Association)
- Eileen Wixted (Wixted & Company)
- Mark Reynolds, Heather Riah (CRICO)